I'm not too far past getting out of debt, so my money still goes to my local checking/savings account instead of other investments. Wondering which sites anyone would recommend for when I'm ready to move into stock investments.
Online brokerages
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Some brokerage houses are the banC side of a banK, and so if you have a relationship on the banK side you can get pricing/fee advantage on the banC side. My banC tells me that as long as I keep a total of USD25k in banK deposit accounts with them, they put me in a category on the banC side such that I pay no fees.
No IRA maintenance fees. No commissions. No transfer fees. I do pay those small SEC fees, which my banC has to pass along to me. And I'd probably pay fees for transferring the accounts to another banC. But other than those, my I'm happy with my banc/k fee Outlays To Zero.
So check around with your local banks and maybe some big banks (Wells Fargo, Bank of America are two on which I've heard others write favorably).
No IRA maintenance fees. No commissions. No transfer fees. I do pay those small SEC fees, which my banC has to pass along to me. And I'd probably pay fees for transferring the accounts to another banC. But other than those, my I'm happy with my banc/k fee Outlays To Zero.
So check around with your local banks and maybe some big banks (Wells Fargo, Bank of America are two on which I've heard others write favorably).
@Steve: you're talking about Wells Fargo? No commissions and fees, but what about lost opportunity and interest on that 25k minimum balance?
For background, Wells Fargo waives commission if you have a 25k min in either a CD or checking account...
The difference between on $25k at 4% (rewards checking) and 1% (WF CD) is $62.5 per month. Much more than most would spend on commissions.
For background, Wells Fargo waives commission if you have a 25k min in either a CD or checking account...
The difference between on $25k at 4% (rewards checking) and 1% (WF CD) is $62.5 per month. Much more than most would spend on commissions.
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Bank of America / BAIS have a similar 25k deposit arrangement.
I like the arrangement, for these reasons:
* no fees, commission is just a simpler way to go, nothing to blow one's tracking of income and outgo
* low interest deposit accounts minimize taxable interest income
* I maintain a considerable slug of capital in highly liquid accounts to mitigate loss of deep value opportunities (taught myself that lesson in Autumn 2008, and was able to make good on it in Spring 2009), in other words values so deep that I'd be willing to forfeit the no-commission arrangement by drawing down capital below 25k
I like the arrangement, for these reasons:
* no fees, commission is just a simpler way to go, nothing to blow one's tracking of income and outgo
* low interest deposit accounts minimize taxable interest income
* I maintain a considerable slug of capital in highly liquid accounts to mitigate loss of deep value opportunities (taught myself that lesson in Autumn 2008, and was able to make good on it in Spring 2009), in other words values so deep that I'd be willing to forfeit the no-commission arrangement by drawing down capital below 25k
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I use Zecco for $10 free trades if acct balance is over $25K. I have other brokerages, but they are mostly from a long time ago Zecco is great if you know what you are doing, and all you need is a platform to exectuve your trades. I don't do fancy stock option trades or day trading, so Zecco works best for me. Chances are Zecco works great for you too, especially if you are less passive than a swing trader.
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I'm using Ameritrade. $10 trades, all the name-brand research reports, and a bunch of other stuff that I don't use. You can deal in options or day trade or whatever you want.
There's no particular reason that I use Ameritrade other than the local discount broker I started with 17 years ago was bought out by Ameritrade. Ameritrade bought them, I think, to get their monthly statement computer system because Ameritrade's system was junk until a couple months after the takeover.
The consolidated 1099 form is pretty decent at the end of the year, too.
There's no particular reason that I use Ameritrade other than the local discount broker I started with 17 years ago was bought out by Ameritrade. Ameritrade bought them, I think, to get their monthly statement computer system because Ameritrade's system was junk until a couple months after the takeover.
The consolidated 1099 form is pretty decent at the end of the year, too.